Tag Archives: EIOPA

EIOPA publishes final set of advice to the Commission on Solvency 2 Delegated Regulation

The European Insurance and Occupational Pensions Authority (EIOPA), has published its second and final set of advice to the European Commission on the Solvency Capital Requirement (SCR) formula under the Solvency 2 Delegated Regulation. Highlights include: EIOPA recommends further simplifications and improvements to the calculation of capital requirements, including for fire risk and mass accidents […]

EIOPA consults on adaptation of requirements for insurance intermediaries’ PII and financial capacity

The Insurance Distribution Directive sets out in Article 10 base amounts of PII and minimum financial cover required by insurance and reinsurance intermediaries. It also requires EIOPA to review the prescribed levels of cover by 31 December 2017 and every five years thereafter, in order to take account of changes in the European index of […]

EIOPA translates official IBIPs Guidelines

The European Insurance and Occupational Pensions Authority (EIOPA) has published official translations of guidelines under the IDD relating to insurance-based investment products (IBIPs) which incorporate a structure that makes it difficult for the customer to understand the risks involved. In so doing, the guidelines seek to minimise risks of consumer detriment arising from mis-sold IBIPs. […]

Treasury, FCA and EIOPA issue statements regarding continuity of activities and services after Brexit

Along with the PRA’s publication of consultation papers on its intended approach to supervision of third country firms, the Treasury, FCA and ESMA have recently issued statements providing an update on provision to enable firms across Europe to continue to do business after Brexit. The Treasury has announced that if necessary (ie depending on the […]

EIOPA publishes editable IPID template

EIOPA and the European Commission have developed an editable version of the IPID template. Under the IDD, the IPID is required to be provided for non-life insurance products to enable the customer to make a more informed decision. FCA has proposed  for the IPID requirement to only apply to retail customers rather than commercial customers. The […]

EIOPA publishes Opinion on monetary incentives and remuneration between asset managers and insurers

EIOPA has published an Opinion, addressed to national competent authorities (NCAs), which focuses on consumer protection issues related to monetary incentives and remuneration between providers of asset management services and insurance undertakings. While not an issue in all member states, EIOPA has found that unmitigated conflicts of interest and the management of unit-linked policies by insurers […]

EIOPA speaks on insurance and pensions

The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, delivered a speech at EIOPA’s 7th annual conference on Insurance and Pensions Reloaded: A Game Changer. The speech covered the following four themes that cross over EIOPA’s main strategic priorities: Maintaining sound regulation in an evolving landscape – this included a discussion on […]

EIOPA delivers first set of advice to the European Commission on Solvency 2 Delegated Regulation

The European Commission requested EIOPA to provide technical advice as part of its review of the Solvency Capital Requirement. Following a public consultation, EIOPA has provided advice on the following areas: Simplified calculations; Reducing reliance on external credit ratings; Exposures guaranteed and exposures to regional governments and local authorities; Risk-mitigation techniques; Undertaking specific parameters; Look-through […]

EIOPA publishes guidelines for “execution-only” sales of IBIPs under IDD

Further to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved. These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of […]

EIOPA speaks on future disruption to the insurance industry

Dr. Manuela Zweimüller, Head of Policy Department at EIOPA, has delivered a speech on what will the future hold? The European insurance industry in times of major disruption. The speech highlights challenges in respect of InsurTech, Brexit and Regulatory stability. EIOPA considers that the insurance industry needs to reinvent itself in respect of InsurTech and […]